With the introduction of the new Tax Act, Liechtenstein created a special tax status for legal entities: the private asset structure (PAS). The PAS offers tax and administrative advantages, particularly for legal entities that exclusively manage assets and do not perform any active economic activity. For instance, entities structured as a PAS are required to pay only the minimum annual corporate income tax and are not subject to further tax assessment. However, despite its benefits, the PAS status also has its pitfalls that should not be underestimated in the practice of management bodies, professional trustees, and advisors.